The tax hike will not affect everyone earning over $200k, but those whose family earnings exceed $400k may come under the ambit.
However, White House press secretary Jen Psaki explained that Biden's planned tax hike applies to couples rather than individuals, meaning that individuals earning $200,000 a year could be affected if their spouse earns the equivalent amount. Psaki did not define the threshold for individual workers. Biden's proposal would also increase the corporate tax rate from 21 percent to 28 percent and reverse the top marginal rate cut to 39.6 percent.
However, a formal order has not yet been released, and the eligibility for the hike is still unclear.